All Forum Posts by: Brian Young

Replace the tub. The cost of getting it coated over and over you are going to pay for a new tub one way or the other. In my experience coatings don't seem to hold up no matter the quality of the job done. New fiberglass tub should last a very long time. 

Having gone through this you will be sure to check the condition of the tub after each tenant and charge them a portion of replacement for minor chips in the finishing. 

Best of luck!

I am a real estate agent that has been remodeling houses for home owners since 2006. I am interested in using my real estate and remodeling skills to get my foot in the door for real estate investing. I do not have the money saved up to get started on my own so I am seeking out a partner to JV the deal with me.

I am curios how those of you that do deals like this like to set up your partnership. Do you fund everything from down payment to rehab and closing costs? Do you expect your partner (if you are the main financial source in the partnership) to put up some money in the deal? If so, how much? What role do you expect each person to play?

In my head this is how it would work with me: I find the property, we agree on the merits and numbers on the flip, put together a scope of work and budget together, partner puts up all cash needed to buy property and do renovations, I renovate the majority of it with my personal labor and only sub out that which requires city permit and inspection, then I sell the property through my brokerage and we split the profits.

Would love to know how you like to structure your JV deals and if you think there is anything major I am leaving out?

Tampa is a wonderful location for a STR! Tampa to Orlando could be the next megaregion in the US. Developers are starting to buy up land between the two for the growing demand and the cities are beginning to do a lot of commerce together. They are even building a high speed rail line between the two cities.

As far as your criteria I'd look at Town N Country and Old West Tampa. These are both close to the airport and you will be able to find something in your price range with enough left over for furnishings and amenities.

Hope this helps!

Start making your way through the bookstore. Sooooo much fantastic information!

Please please please do not go out buying real estate courses. Bigger Pockets has every resource you need to get started. There are a large number of books in the bookstore here that will lead you in the right direction. There is no way you don't have all (if not more) of the information you need to get started if you have read   all   of their books on getting started, have been attending the webinars, listening to their podcast and have reached out to experienced investors on the site. Every single person including myself that have paid to do a course eventually figured out all the information given in the course was already available somewhere else for free. 

Hope this helps

Hey Marco,

I'm also a realtor in the Tampa market and @Zachary Bliss is right about the cash flow on LTR being harder to find. I've noticed a lot of the investors I speak with are starting to transition into the STR space, probably because the cash flow is more obtainable at this time. Just be sure, wherever you decide to start your hunting, is airbnb capable as it can be spotty in places like Tampa and St Petersburg.

I'm with a small brokerage and that only manages a handful of airbnbs but our investors seem to be booked and happy with their investment returns. STR tenants are happy and on vacation making them less likely to complain about or even notice something they otherwise would if they were living there longer term (like the brightness of a lightbulb, or how well the dishwasher works) making the calls from renters few and far between. Unlike LTR tenants that will let a problem with the home fester into something bigger, if there is an issue you will find out sooner than later because someone is there to clean the rental after each tenant like @Ana Garcia said. That being said, @Marco Egurvide is correct STR tenants do seem to either loose a lot of things or are taking random stuff home with them like towels, lawn chairs and cups. Budgeting this in, in addition to the normal capital expenditure savings is a must! 

Whoever you decide to work with should be able to help you make a plan to keep it booked, clean, in working condition and in your budget. 

Take a look at airbnb and check out properties in any area you're considering. See how much they are going for and look to see if they are booked up or if they have a lot of dates open. This should give you a good idea of what size, style and price point to look for. 

Congratulations on starting this new adventure! 

Hey @Zachary Cummings! Thank you for your reply!

I am working with a potential buyer who wasn't interested in buying anything we found and was looking at a rental that would fill their needs. Lease to own was mentioned by client and wanted to be sure that is their best option as apposed to seller financing. I also believe both options are doable and can put both the buyer and the seller in a good position.

Maybe it just all depends on the terms we negotiate (if the current landlord is interested in either option) as to which option would be best.

I'm curious what everyone feels is the best option for someone looking to get into a property that may not for whatever reason at this time have the ability to buy, lease to own or seller financing. 

Does one strategy favor the seller or the buyer over the other? 

Are they both completely win win?

Does it matter if it's residential or commercial?

Specifically dealing with a commercial warehouse at the moment but would be interested in everyone's thoughts on the residential side of things as well.

Thank you for your input!  

I'm a realtor in Tampa and both St. Petersburg and Tampa, FL are boomin right now! I've been seeing things going as much as $130k cash over asking on a 3/2! 

Some great areas that are selling fast in St. Pete specifically are Historic Kenwood, Childs Park, Pasadena and Gulfport.

All of Pinellas and Hillsborough County are selling FAST and there is definitely a need for good wholesalers that are doing the marketing and finding those great off market properties. Fair warning there are a lot of bad "wholesalers" that have no equitable interest and are creating some pretty frustrating daisy chains. So If you come here and do all the things a great wholesaler does you will be busy.

Hope this helps!

Is the property local enough to you for you to walk it? iMaps on the MLS didn't have anything? Unfortunately if you cant walk it and can't pull up any records you might have to let that one go, or guess by looking at neighboring property of similar size on the mls and just make sure any prospects know your sqft is speculative/unknown and should be verified by them.